How a property should be priced.
Market Value is not what a real estate agent thinks nor is it what an appraiser thinks, it is what a ready, willing and able buyer will pay.
There are three primary methods used to estimate the value of a house.
When a property is priced correctly, it should sell in a reasonable period of time. A buyer will normally look at several properties and make an offer on the one that provides the most value for the money. Studies show that buyers question why a home has not sold when it has been on the market for a length of time. Buyers rarely look at or make offers on overpriced houses. When a house is listed above its fair market value it will stay on the market much longer than comparable properties and it normally sells for less than it should. Seller's decide the listing price, but their agent has a duty to help them realize their homes fair value.